$38,500?

[bruinrab]

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Just wondering where the $38,500/year figure for Stafford loans comes from. Going by the FAFSA student guide, it seems like it should be $18,500/year. Can anyone give a source for the $38,500 figure? 😕

 

[SoulRFlare]

the $18,500 figure is for undergraduate loans.

 

[mpp]

Actually the $18,500 is for graduate loans. Allopathic/Osteopathic students were given an $20,000 increase in 1996 as they phased out the old HEAL loans. Here is a link to the AAMC announcement from 1996. I don't know why this is never stated in the Student's Guide to Financial Aid from the Dept. of Education, but it is legitimate.

 

[SoulRFlare]

Actually the $18,500 is for graduate loans. Allopathic/Osteopathic students were given an $20,000 increase in 1996 as they phased out the old HEAL loans. Here is a link to the AAMC announcement from 1996. I don't know why this is never stated in the Student's Guide to Financial Aid from the Dept. of Education, but it is legitimate.

oh well...ummm...that too...yeah 😉
thanks for the correction.

 

[missbonnie]

Yes, I'm a bit confused as well. I also found that there is an extra 20K unsub stafford loan, but not alot of websites mention this. Any idea why? My school's finaid (P&S) mentions it in their finaid guide but says not everyone can qualify for it.

 

[mpp]

Unsubsidized Stafford loans are not need-based. As long as the annual school budget (including tuition, fees, rent, living expenses, etc.) is greater than $38,500 then you qualify.

 

[aphistis]

Actually the $18,500 is for graduate loans. Allopathic/Osteopathic students were given an $20,000 increase in 1996 as they phased out the old HEAL loans. Here is a link to the AAMC announcement from 1996. I don't know why this is never stated in the Student's Guide to Financial Aid from the Dept. of Education, but it is legitimate.

Just in the interest of completeness, dental students are in on this program too.

 

[thenderson]

as are optometry students

 

[off2skl]

allopathic medicine, osteopathic medicine, dentistry, veterinary medicine, optometry, podiatric medicine, pharmacy, public health, chiropractic medicine, health administration graduate programs, and clinical psychology

(from the link posted above)

 

[thewebthsp]

SOURCE:

http://198.77.163.160/dpcletters/doc0631_bodyoftext.htm

Department of Education "Dear Partner" letter, 1999. Extension of limits.

 

[ItsNotATumor]

38,500, thank god!

 

[45540]

i got my award letter for 38,500 last week and as good as it sounds it won't cover all that much since around 32k will go straight for tuition ...

 

[edkNARF]

What other loans are available above the $38,500. Perkins? etc.

 

[skiz knot]

You're lucky. I am hoping for the full 38,500 award letter considering the stupid fafsa said my efc is around 13,000. Are they crazy? I am going from 400/m for daycare for my children to 1600/month and from 600 dollar rent to 1400 dollar rent. I NEED ALL MY MONEY AND AN ADJUSTMENT FOR DAYCARE.

Lord please bless me with the full 38,500 so that when I ask for the adjusment for daycare it will carry over a lot smoother. I hate to beg

The family efc is only calculated for need based grants/loans granted BY YOUR SCHOOL. You will (unless there is something about your financial situation we don't know) get the full 38.5 k in sub and unsub stafford loans. Contact your schools fin aid office. Often times there is an additional allowance for childcare expences (usually just loans, but gets you through 4+ years of childcare). Any required expense that is above and beyond the 38.5 limit (I'm talking to anyone attending private school that has a need to pay to live for the year, and people with additional required expenses like childcare) will have to make up the difference in privately funded loan programs. Your schools fin aid office will have a list of preferred lenders, or you can use someone like citiloans.

 

[OSUdoc08]

I don't understand how one can have an EFC?

My school considers all students "unable to work" as a medical student, and thus having a $0 income. This allows for the maximum aid possible.

You are unable to be considered a "dependent" as a medical student (federal regulation,) so where does this EFC come from?

 

[Huh?]

Don't you get efc if you're married?

 

[flighterdoc]

I don't understand how one can have an EFC?

My school considers all students "unable to work" as a medical student, and thus having a $0 income. This allows for the maximum aid possible.

You are unable to be considered a "dependent" as a medical student (federal regulation,) so where does this EFC come from?

If you have any cash or other liquid assets (stocks, bonds) but not retirement plans, it affects your EFC.

But, you still get the max every year, just more from unsubsidized.

 

[hakksar]

I don't understand how one can have an EFC?

My school considers all students "unable to work" as a medical student, and thus having a $0 income. This allows for the maximum aid possible.

You are unable to be considered a "dependent" as a medical student (federal regulation,) so where does this EFC come from?

EFC is calculated from last years taxes (which you use the data from to fill out your FAFSA). If this is why your EFC is so high talk with the school about how you fill out a reconsideration of income form since you will make a lot less as a medical student (like no money). Another thing that can lead to a high EFC is a spouse that works and makes a decent salary. No way around that one . . . just get more unsubsidized loans and less grants. It is unfortunate that financial aid penalizes you for marriage if you marry someone with a decent salary but it does.